Lancaster daily intelligencer. [volume] (Lancaster, Pa.) 1864-1928, 1887-06-25
~ Weekly Intelligencer
LANcAsTER, JuNs =. 1851.
The Ssnner's Crashes

The summer has opened with crashes
q ~ cof5ee, wheat and stock markets,
vAleh Ill have been strongly boomed by
epeeulating cliques and advanced to prices
which were above the natural value. The
Gsmsesrs that have came to the movers
~ not national disasters. They indicate
no weakness In the business condition of
~ country. They were wholesome fail.
uses, and simply mark the collapse Of .
nmb3a. Those who attempted to boom
- market were found without the hand
. sustain their claim, when they were
called upon to do %, and they have lost
thsir stake. Some innocent people, who
gnve them credit, are involved in their fall.
A hank has been cleaned out by the
gamblers in their desperate effort to sus-
tain themselves, and is left wreck. Others
possibly have been crippled and some more
nay 20 to the wall eventually through their
wounds. But the disaster will have no
RFa'W extent than this. 1t is not
8 III . sign Of business decadence. 1t
ocmss upon the country when its business
= IN . sound condition. And emphasizes
the fact, which has been long apparent,
that the state Of the stock and produce
MARKETS does not show the state of the bu.
sine0 Of the country. They have fallen
into speculative hands, and their prices are
fogced up and down independently of in.
tzinsic values or business conditions.
There is no doubt that the business
Of the country is good. The earnings Of
the railroads are great. Upon their good
condition the prices Of their stocks have
been carried up, probably too rapidly. The
furry in the coffee and wheat markets and
thefailure Of the Cincinnati bank have been
seized - the occasion for bear raid upon
prices In Wall street, which has been sue
oe1sful for the time under the favor.
1pe- conditions. But the railroad bus
inea continues good, and offers fair
promise of dividends upon their stocks.
Mining, manufacturing and merchandiz.
ing are not affected by the troubles in the
speculative centres. Their stimulation
has not been excessive, and they are not
likely to be flattened out for a while. The
country is great and its population is ra.
pidly growing. Its development cannot
b checked by the failure of the ambitious
efforts Of "a few rash men.
This man Harper, who stands out as the
chief figure among the fallen gamblers of
them0ment, ,is figure that constantly arises
and falls in every country and time. John
Bright, bold and unscrupulous encouraged
BY success and led on by greed, Harper en-.
joyed high repute as financier and was
held to be q wonder and q prophet. He
was simply daring, and disregardful Of the
lessons Of experience, and scornful Of safe
pathways. His successes were known and
hiS failures concealed; and it is probable
that his latest venture was taken in the at
tempt to conceal the narrowness Of the
fortune which his speculations had left
him and to recover the financial position
hs had lost. He had built up for himself
. name and position which was not to be
lost without q struggle.
But It Is al gone, and with it the respect
of bis fellow. citizens, who find that in his
extremity the man they honored has proved
both knave and fool. The lesson ought to
b wholesome one to the adventurous
youth.